October 16, 2017
- A potential class of homeowners will not allow the state of Illinois’s Cook County, to escape the consequences of their behavior. Allegedly, Cook County’s treasurer failed to pay refunds granted to a class of homeowners in a prior proceeding. The class of homeowners won the refund by appealing the valuations of their property so that they could receive property tax benefits which they were duped out of by Cook County.
- Pricewaterhouse Coopers LLP (PwC), one of the nation’s largest accounting firms, failed to effectively monitor the Federal Deposit Insurance Corp. The Federal Deposit Insurance Corporation’s downfall stemmed from a mortgage transaction scheme whicg led to a loss of more than one billion dollars. PwC, if properly monitoring the bank, should have identified the fraud which would have minimized the amount of loss and possibly saved the bank.
- The U.S. Securities and Exchange Commission struck again. This time, the federal agency settled a property based fraud scheme for $9.1 million with two managers of Silverleaf Financial LLC. Allegedly, the duo defrauded investors out of their funds invested in a phony plan to purchase defaulted property loans.